Explaining what the terms like "rewards," "base pay" and "perks" mean in a pay system.
Compensation Philosophy:
Identifies target market position for competitive pay levels and articulates the company s commitment to motivating, and rewarding employee contribution and performance through the various elements of the company s total pay system.
Base Pay:
Pays for standard job duties, skills and results. Should be designed to reflect competitive rates for comparable jobs within identified marketplace.
Performance Based Variable Pay:
Designed to reward achievement of specific company and/or individual performance objectives. Payouts vary based on company and/or individual achievement.
Types of variable pay plans include:·
*Skill pay
*Incentive pay/bonus plans
*Commission
*Gain sharing/results sharing
Long Term Incentive Compensation:
Designed to reward long term company performance. Individual job level/performance may impact eligibility to participate. Can be an effective retention tool.
Benefits
Broad range of practices including health insurance, vacation, leave policies, and retirement and savings plans. Designed to address health and welfare needs of employees. Can send strong messages about company culture and values.
Perks & Non-Cash Rewards
Used to recognize exceptional contribution, performance, commitment to culture and values. Variety of methods including additional time off, tickets to events, trips, dinners, public recognition, etc.
Intrinsic Rewards·
*Performance Feedback Management ·
*Development Opportunities ·
*Work Environment
Processes used to communicate and align employee behaviors with business priorities and company values to achieve desired results. Play a significant role in successfully engaging full scope of skills and abilities within the workforce.Critical in retaining key talent.
From India, Bangalore
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Compensation Philosophy:
Identifies target market position for competitive pay levels and articulates the company s commitment to motivating, and rewarding employee contribution and performance through the various elements of the company s total pay system.
Base Pay:
Pays for standard job duties, skills and results. Should be designed to reflect competitive rates for comparable jobs within identified marketplace.
Performance Based Variable Pay:
Designed to reward achievement of specific company and/or individual performance objectives. Payouts vary based on company and/or individual achievement.
Types of variable pay plans include:·
*Skill pay
*Incentive pay/bonus plans
*Commission
*Gain sharing/results sharing
Long Term Incentive Compensation:
Designed to reward long term company performance. Individual job level/performance may impact eligibility to participate. Can be an effective retention tool.
Benefits
Broad range of practices including health insurance, vacation, leave policies, and retirement and savings plans. Designed to address health and welfare needs of employees. Can send strong messages about company culture and values.
Perks & Non-Cash Rewards
Used to recognize exceptional contribution, performance, commitment to culture and values. Variety of methods including additional time off, tickets to events, trips, dinners, public recognition, etc.
Intrinsic Rewards·
*Performance Feedback Management ·
*Development Opportunities ·
*Work Environment
Processes used to communicate and align employee behaviors with business priorities and company values to achieve desired results. Play a significant role in successfully engaging full scope of skills and abilities within the workforce.Critical in retaining key talent.
From India, Bangalore
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Hi! This is great! What model are you using? Are the terms you used your original concepts? Can you further define the big words you have enumerated in each of the topics that you mentioned, e.g., Performance Feedback Management, Development Opportunities, Work Environment, Total Pay System, etc.
Best wishes,
Ed Llarena, Jr. Managing Partner Emilla Consulting
From Philippines, Parañaque
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95Best wishes,
Ed Llarena, Jr. Managing Partner Emilla Consulting
From Philippines, Parañaque
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Hi,
Thanks for your appreciation! The concept is an extract from the following article:
"A Quick Breakdown of Strategic Pay
A rundown of merit increases, variable pay, non-cash rewards, and more.
By Valerie L. Williams, Stephen E. Grimaldi"
Regards,
Jyoti
From India, Bangalore
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Thanks for your appreciation! The concept is an extract from the following article:
"A Quick Breakdown of Strategic Pay
A rundown of merit increases, variable pay, non-cash rewards, and more.
By Valerie L. Williams, Stephen E. Grimaldi"
Regards,
Jyoti
From India, Bangalore
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